BCI signs letter of intent to acquire 49% of Union Chlorine

14/07/2021 Argaam

One of Basic Chemical Industries Co.’s (BCI) plants

Basic Chemical Industries Co. (BCI) inked a non-binding letter of intent (LoI) with the companies owning Union Chlorine LLC for the acquisition of a 49% stake, according to a bourse filing.

 

Union Chlorine LLC is a chlor-alkali manufacturer based in Abu Dhabi, United Arab Emirates. The owner companies are Oman Chlorine SAOG, Horizon Energy LLC, MS Union Chlorine and Oman Industrial Development Company SAOC.

 

The 90-day LoI aims to reach a final agreement for the 49% stake acquisition.

 

The deal included no related parties, and a due diligence should be conducted to determine the relevant financial impact.

 

The deal aims to diversify BCI’s product base, in addition to accessing new markets, the statement added.

 

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